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Jan 10, 2022
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Feb 13, 2022
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Abstract
Firm value plays an important role for public companies because it can affect investor perceptions. The company is always trying to improve the quality of the company to be able to compete in the capital market to attract investors. The success of the company can only be achieved through good company management, improving company performance, so that in the end it can increase company value. This study aims to examine the factors that affect firm value in Indonesia. The factors used in this study are corporate social responsibility, environmental disclosure, ownership concentration, and earnings quality. The research sample is manufacturing companies on The Indonesia Stock Exchange with a research period of 2017-2019. The research sample consists of 127 observations. Data were analyzed using linear regression. The results of this study show that corporate social responsibility, environmental disclosure, and ownership concentration affected firm value, while earnings quality did not affect a firm's value in Indonesia. This study implies that non-financial factors determine to firm's value more than financial factors.
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
Pujiati, D., & Averina, M. (2022). Determinants of Firm Value in Indonesia: Financial Factors or Non Finan-cial Factors?. International Journal of Multidisciplinary: Applied Business and Education Research, 3(2), 162-169. https://doi.org/10.11594/ijmaber.03.02.04
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Tarek, Y. (2019). The Impact of Financial Leverage and CSR on the Corporate Value: Egyptian Case. International Journal of Economics and Finance, 11(4), 74–81.
Utami, R. L. C. (2019). Pengaruh Pengungkapan Ekonomi, Lingkungan Dan Sosial Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Antara. Perspektif Akuntansi, 2(3), 269–288.
Utomo, F. M., & Dianawati, W. (2017). Corporate Governance dan Leverage Terhadap Nilai Perusahaan dengan Kualitas Laba Sebagai Variabel Mediasi. Jurnal Investasi Islam, 2(2), 21–44.
Zabetha, O., Tanjung, A. R., & Savitri, E. (2018). Pengaruh Corporate Governance, Kinerja Lingkungan dan Kinerja Keuangan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Moderating (Studi Pada Perusahaan Pertambangan Yang Terdaftar di BEI Periode 2012-2014). Jurnal Ekonomi, 26(1), 1–15.
Bellovary, J. L., Giacomino, D. E., & Akers, M. D. (2005). Earnings Quality: It’s Time to Measure and Report. The CPA Journal, 75(11), 32–37.
Burgwal, D. van de, & Vieira, R. J. O. (2014). Environmental Disclosure Determinants in Dutch Listed Companies. Revista Contabilidade & Finanças, 25(64), 60–78.
Campbell, David. 2004. A Longitudinal and Cross-Section Analysis of Environmental Disclosure in UK Com-panies – A Research Note. The British Accounting Review, 36(1), 107 – 117. https://doi.org/10.1016/j.bar.2003.09.001
Chang, K., Shim, H., & Yi, T. D. (2019). Corporate Social Responsibility, Media Freedom, and Firm Value. Finance Research Letters, 30(C), 1–7. https://doi.org/10.1016/j.frl.2019.03.019
Daromes, F. E., & Kawilarang, M. F. (2020). Peran Pengungkapan Lingkungan Dalam Memediasi Pengaruh Kinerja Lingkungan Terhadap Nilai Perudahaan. Jurnal Akuntansi, 14(1), 77–101.
Dewi, A. K., & Devie. (2017). Pengaruh Earnings Quality terhadap Firm Value dengan Financial Performance sebagai Variabel Intervening pada Perusahaan yang Terdaftar pada Perusahaan LQ 45. Business Accounting Review, 5(2), 649–660.
Fuadah, L. L., Dewi, K., & Arisman, A. (2018). Determinant Factors Effect Environmental Disclosure and Firm Value at Mining Companies listed Indonesia Stock Exchange. In The 1st Sriwijaya International Conference on Environmental Issues 2018 (1st SRICOENV 2018). Palembang. https://doi.org/https://doi.org/10.1051/e3sconf/20186803015
Ini penyebab anjloknya kinerja indeks sektor manufaktur sejak awal tahun. Retrieved from https://investasi.kontan.co.id/news/ini-penyebab-anjloknya-kinerja-indeks-sektor-manufaktur-sejak-awal-tahun . Accessed August 30, 2021.
Lozano, M. B., Martínez, B., & Pindado, J. (2016). Corporate Governance, Ownership and Firm Value: Drivers of Ownership as a Good Corporate Governance Mechanism. International Business Review, 25(6), 1333–1343. https://doi.org/10.1016/j.ibusrev.2016.04.005
Lusi, K., Maulina, V., & Mustikowati, R. I. (2019). Pengaruh Kepemilikan Manajerial , Leverage dan Kualitas Laba Terhadap Nilai Perusahaan. Jurnal Riset Mahasiswa Manajemen, 2(2), 1–5. https://doi.org/https://doi.org/10.21067/jrmm.v5i2.4078
Plumlee, M., Brown, D., Hayes, R. M., & ScottMarshall, R. (2015). Voluntary Environmental Disclosure Quality and Firm Value: Further Evidence. Journal of Accounting and Public Policy, 34(4), 336–361. Retrieved from https://doi.org/10.1016/j.jaccpubpol.2015.04.004 Get rights and content
Putri, I. A. S., & Suprasto, B. (2016). Pengaruh Tanggung Jawab Sosial Perusahaan dan Mekanisme Tata Kelola Perusahaan Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 15(1), 667–694.
Saputro, R. E. C., & Hermanto, S. B. (2018). Pengaruh Mekanisme Corporate Governance, dan Kualitas Laba Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 7(8), 1–25.
Sektor Manufaktur RI 2019 Lesu, 11 Saham Otomotif Ini Merana. Retrieved from https://www.cnbcindonesia.com/market/20200206164015-17-135908/sektor-manufaktur-ri-2019-lesu-11-saham-otomotif-ini-merana Accessed August 30, 2021.
Sheryn, W., & Hendrawati, E. (2020). Pengaruh Corporate Social Responsibility dan Kinerja Lingkungan terhadap Nilai Perusahaan. Liability, 02(02), 87–108.
Siregar, N. Y., & Safitri, T. A. (2019). Pengaruh Pengungkapan Enterprise Risk Management , Intellectual Capital, Corporate Social Responsibility, dan Sustainability Report terhadap Nilai Perusahaan. Jurnal Bisnis Darmajaya, 05(02), 53–79.
Sualehkhattak, M., & Hussain, C. M. (2017). Do Growth Opportunities Influence the Relationship of Capital Structure,Dividend Policy and Ownership Structure with Firm Value: EmpiricalEvidence of KSE? Journal of Accounting & Marketing, 6, 1–11.
Sucipto, E., & Sudiyatno, B. (2018). Profitabilitas, Kebijakan Dividen, dan Kebijakan Hutang Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Listed di Bursa Efek Indonesia. Dinamika Akuntansi, Keuangan Dan Perbankan, 7(2), 163–172.
Suratno, I. B., Darsono, D., & Mutmainah, S. (2007). Pengaruh Environmental Performance Terhadap Environmental Disclosure dan Economic Performance (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di BEJ Periode 2001 - 2004). The Indonesian Journal of Accounting Research, 10(2). https://doi.org/http://doi.org/10.33312/ijar.174
Tarek, Y. (2019). The Impact of Financial Leverage and CSR on the Corporate Value: Egyptian Case. International Journal of Economics and Finance, 11(4), 74–81.
Utami, R. L. C. (2019). Pengaruh Pengungkapan Ekonomi, Lingkungan Dan Sosial Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Antara. Perspektif Akuntansi, 2(3), 269–288.
Utomo, F. M., & Dianawati, W. (2017). Corporate Governance dan Leverage Terhadap Nilai Perusahaan dengan Kualitas Laba Sebagai Variabel Mediasi. Jurnal Investasi Islam, 2(2), 21–44.
Zabetha, O., Tanjung, A. R., & Savitri, E. (2018). Pengaruh Corporate Governance, Kinerja Lingkungan dan Kinerja Keuangan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Moderating (Studi Pada Perusahaan Pertambangan Yang Terdaftar di BEI Periode 2012-2014). Jurnal Ekonomi, 26(1), 1–15.